• Title/Summary/Keyword: supply firms

Search Result 291, Processing Time 0.023 seconds

The Association Between Accounting Conservatism and Corporate Investment Expenditure in Korean Listed Firms During the Global Financial Crisis (글로벌 금융위기가 한국 기업의 투자지출에 미치는 영향에 대한 실증적 분석: 회계보수주의를 중심으로)

  • Kim, Byoung Ho
    • International Area Studies Review
    • /
    • v.22 no.3
    • /
    • pp.121-148
    • /
    • 2018
  • This paper examines the role of accounting conservatism on investment expenditure for non-financial Korean listed firms around the 2007-2008 global financial crisis using a differences-in-differences design. Specifically, this paper examines the association between an ex ante classification of firms by their level of accounting conservatism prior to the credit crisis and the ex post magnitude of the decline in investment. Consistent with prior literature, this study found that firms experienced a decline in their investment when hit by the financial crisis (Campello et al. 2010). And also this study found that firms with more conservative financial reporting experienced a smaller decline in investment activity following the financial crisis than did firms with less conservative financial reporting. Together, the results suggest that negative shocks to the supply of external finance hampers firm-level investment and that conservative financial reporting can lessen the sensitivity of firms' investment to such negative shocks. Next, this study shows that the magnitude of our findings is greater for firms more likely to suffer from underinvestment (as opposed to overinvestment). Firms that are financially constrained or have greater demand for external finance are more likely to experience underinvestment. Consistent with the predictions, this study finds stronger benefits of conservatism for firms that face relatively greater costs in raising external capital (i.e., financially constrained firms) or that have a relatively greater need to do so (i.e., firms that lack internal financial resources). This study also finds that the role for conservatism is greater in firms with a higher level of information asymmetry, consistent with the notion that conservatism mitigates financing frictions arising from information problems.

A Study on Examining the Impact of Science and Technology Policy Mix on R&D Efficiency (과학기술정책조합이 R&D효율성에 미치는 영향 분석)

  • Woo, Chungwon;Chun, Dongphil
    • Journal of Korea Technology Innovation Society
    • /
    • v.21 no.4
    • /
    • pp.1268-1295
    • /
    • 2018
  • This study examines the effects of policy mix on R&D efficiency in by using data from 2014 and 2016 Korean Innovation Survey. The DEA-Tobit analysis is used to estimate the impact of policy mix on relative R&D efficiency. As a result of the DEA analysis, the R&D efficiency of the Korean manufacturing industry firms is low, because the R&D investment has not been used effectively. According to the Tobit model, policy mix have a positive effect on R&D efficiency. In particular, the combination of market-oriented, market supply-oriented, and supply demand-oriented policy mix showed a positive relationship with R&D efficiency. R&D portfolio is necessary to improve R&D efficiencies and government has to facilitate a policy mix in view of the nature of firms and Consistency of policy tools.

A Study on the Strategic Design Analysis for New Product Development Strategy (신제품 개발 전략에서의 전략적 디자인 분석에 관한 연구)

  • Cha, Kyung-Eun;Lee, Hye-Sun
    • Archives of design research
    • /
    • v.19 no.5 s.67
    • /
    • pp.191-202
    • /
    • 2006
  • Recently the market environment surrounding business firms has been remarkably changed due to the increasing variety of consumption value and taste. On account of technological gap becoming narrower among business firms, the most important thing is for the soft value, such as that of emotional and subjective factors, in order for business firms to be able to create such strategic positioning, for which business firms should first look carefully into latent needs and values of the consumers. Since such products possessing those factors are able to supply the consumers with an appropriate value in attractive forms and meanings, new product development for the valuable products initiates a very important strategic action for securing the strategic positioning. The purpose of this paper is to study the strategic position and role of design in new product development strategy. Design has become the momentous competence of an enterprise in the most recent. Design performs its strategic role as a bridge between a business firm and the consumers. Consumers perceive value added by their purchase of products with attractive designs offered by business firms and, then, satisfy their emotional and subjective value with the products. This study, however, reviewed a new angle on the role of design as an implement for discovering consumers' latent needs and values which could be main factors for obtaining the strategic positioning. In other words, this study intended to suggest a new strategic role of design as value suppliers in new product development strategy for firms formulating and implementing their business strategies. For the new angle on the role of design, this study discussed a new approach of design strategy and intended to formulate its system first. And then, it suggested a general idea for strategic design analysis and its methodology, ethnography, as a strategic value creator. Finally, the suitability and usefulness of strategic design analysis for new product development strategy was discussed.

  • PDF

Measuring the Impact of Competition on Pricing Behaviors in a Two-Sided Market

  • Kim, Minkyung;Song, Inseong
    • Asia Marketing Journal
    • /
    • v.16 no.1
    • /
    • pp.35-69
    • /
    • 2014
  • The impact of competition on pricing has been studied in the context of counterfactual merger analyses where expected optimal prices in a hypothetical monopoly are compared with observed prices in an oligopolistic market. Such analyses would typically assume static decision making by consumers and firms and thus have been applied mostly to data obtained from consumer packed goods such as cereal and soft drinks. However such static modeling approach is not suitable when decision makers are forward looking. When it comes to the markets for durable products with indirect network effects, consumer purchase decisions and firm pricing decisions are inherently dynamic as they take into account future states when making purchase and pricing decisions. Researchers need to take into account the dynamic aspects of decision making both in the consumer side and in the supplier side for such markets. Firms in a two-sided market typically subsidize one side of the market to exploit the indirect network effect. Such pricing behaviors would be more prevalent in competitive markets where firms would try to win over the battle for standard. While such qualitative expectation on the relationship between pricing behaviors and competitive structures could be easily formed, little empirical studies have measured the extent to which the distinct pricing structure in two-sided markets depends on the competitive structure of the market. This paper develops an empirical model to measure the impact of competition on optimal pricing of durable products under indirect network effects. In order to measure the impact of exogenously determined competition among firms on pricing, we compare the equilibrium prices in the observed oligopoly market to those in a hypothetical monopoly market. In computing the equilibrium prices, we account for the forward looking behaviors of consumers and supplier. We first estimate a demand function that accounts for consumers' forward-looking behaviors and indirect network effects. And then, for the supply side, the pricing equation is obtained as an outcome of the Markov Perfect Nash Equilibrium in pricing. In doing so, we utilize numerical dynamic programming techniques. We apply our model to a data set obtained from the U.S. video game console market. The video game console market is considered a prototypical case of two-sided markets in which the platform typically subsidizes one side of market to expand the installed base anticipating larger revenues in the other side of market resulting from the expanded installed base. The data consist of monthly observations of price, hardware unit sales and the number of compatible software titles for Sony PlayStation and Nintendo 64 from September 1996 to August 2002. Sony PlayStation was released to the market a year before Nintendo 64 was launched. We compute the expected equilibrium price path for Nintendo 64 and Playstation for both oligopoly and for monopoly. Our analysis reveals that the price level differs significantly between two competition structures. The merged monopoly is expected to set prices higher by 14.8% for Sony PlayStation and 21.8% for Nintendo 64 on average than the independent firms in an oligopoly would do. And such removal of competition would result in a reduction in consumer value by 43.1%. Higher prices are expected for the hypothetical monopoly because the merged firm does not need to engage in the battle for industry standard. This result is attributed to the distinct property of a two-sided market that competing firms tend to set low prices particularly at the initial period to attract consumers at the introductory stage and to reinforce their own networks and eventually finally to dominate the market.

  • PDF

Research Issues on Online Content SCM: Focused on Portal SCM (온라인 디지털콘텐츠 산업의 공급사슬관리 연구 이슈 : 포털 SCM을 중심으로)

  • Kim, Yoo-Jung;Kim, Min-Sun;Yoon, Jong-Soo
    • Journal of the Korea Society of Computer and Information
    • /
    • v.17 no.5
    • /
    • pp.169-176
    • /
    • 2012
  • The supply chain of online digital contents industry differs much from the supply chain of offline industry which produces and supplies physical products. Portal facilitates the creation, distribution, and usage of online digital contents by providing efficient and convenient content distribution platform to contents suppliers and users, resulting in enhancing competitiveness of portal supply chain. Each portal builds it's own supply chain and various participant firms like CPs(Content Providers) and SPs(Solution Providers) are collaborating together to survive from the fierce competition. However, there is few research work on portal SCM to explain how to design and implement a Portal SCM in a successful way. So, this paper investigates the structure of Portal SCM and the differences between traditional SCM and Portal SCM. Also, this paper proposes seven research issues need to be addressed to design and implement a portal in an efficient and effective way.

The Effect of Both Employees' Attitude toward Technology Acceptance and Ease of Technology Use on Smart Factory Technology Introduction level and Manufacturing Performance (종업원 기술수용태도와 기술 사용용이성이 스마트공장 기술 도입수준과 제조성과에 미치는 영향)

  • Oh, Ju Hwan;Seo, Jin Hee;Kim, Ji Dae
    • Journal of Information Technology Applications and Management
    • /
    • v.26 no.2
    • /
    • pp.13-26
    • /
    • 2019
  • The purpose of this study is to examine the effect of each of the two technology acceptance factors(employees' attitude toward smart factory technology, and ease of smart factory technology use) on the introduction level of each of the three smart factory technologies (manufacturing big data technology, automation technology, and supply chain integration technology), and in turn, the effect of each of the three smart factory technologies on manufacturing performance. This study employed PLS statistics software package to empirically validate a structural equation model with survey data from 100 domestic small-and medium-sized manufacturing firms (SMMFs). The analysis results revealed the followings. First, it is founded that employees' attitude toward smart factory technology influenced all of the three smart factory technology introduction levels in a positive manner. In particular, SMMFs of which employees had more favorable attitude toward smart factory technology tended to increase introduction levels of both automation technology and supply chain integration technology more than in the case of manufacturing big data technology. Second, ease of smart factory technology use also had a positive impact on each of the three smart factory technology introduction levels, respectively. A noteworthy finding is this : SMMFs which perceived smart factory technology as easier to use would like to elevate the introduction level of manufacturing big data technology more than in the cases of either automation technology or supply chain integration technology. Third, smart factory technologies such as automation technology and supply chain integration technology had affirmative impacts on manufacturing performance of SMMFs. These results shed some valuable insights on the introduction of smart factory technology : The success of smart factory heavily depends on organization-and people-related factors such as employees' attitude toward smart factory technology and employees' perceived ease of smart factory technology use.

The Effects of Environmental Dynamism on Supply Chain Commitment in the High-tech Industry: The Roles of Flexibility and Dependence (첨단산업의 환경동태성이 공급체인의 결속에 미치는 영향: 유연성과 의존성의 역할)

  • Kim, Sang-Deok;Ji, Seong-Goo
    • Journal of Global Scholars of Marketing Science
    • /
    • v.17 no.2
    • /
    • pp.31-54
    • /
    • 2007
  • The exchange between buyers and sellers in the industrial market is changing from short-term to long-term relationships. Long-term relationships are governed mainly by formal contracts or informal agreements, but many scholars are now asserting that controlling relationship by using formal contracts under environmental dynamism is inappropriate. In this case, partners will depend on each other's flexibility or interdependence. The former, flexibility, provides a general frame of reference, order, and standards against which to guide and assess appropriate behavior in dynamic and ambiguous situations, thus motivating the value-oriented performance goals shared between partners. It is based on social sacrifices, which can potentially minimize any opportunistic behaviors. The later, interdependence, means that each firm possesses a high level of dependence in an dynamic channel relationship. When interdependence is high in magnitude and symmetric, each firm enjoys a high level of power and the bonds between the firms should be reasonably strong. Strong shared power is likely to promote commitment because of the common interests, attention, and support found in such channel relationships. This study deals with environmental dynamism in high-tech industry. Firms in the high-tech industry regard it as a key success factor to successfully cope with environmental changes. However, due to the lack of studies dealing with environmental dynamism and supply chain commitment in the high-tech industry, it is very difficult to find effective strategies to cope with them. This paper presents the results of an empirical study on the relationship between environmental dynamism and supply chain commitment in the high-tech industry. We examined the effects of consumer, competitor, and technological dynamism on supply chain commitment. Additionally, we examined the moderating effects of flexibility and dependence of supply chains. This study was confined to the type of high-tech industry which has the characteristics of rapid technology change and short product lifecycle. Flexibility among the firms of this industry, having the characteristic of hard and fast growth, is more important here than among any other industry. Thus, a variety of environmental dynamism can affect a supply chain relationship. The industries targeted industries were electronic parts, metal product, computer, electric machine, automobile, and medical precision manufacturing industries. Data was collected as follows. During the survey, the researchers managed to obtain the list of parts suppliers of 2 companies, N and L, with an international competitiveness in the mobile phone manufacturing industry; and of the suppliers in a business relationship with S company, a semiconductor manufacturing company. They were asked to respond to the survey via telephone and e-mail. During the two month period of February-April 2006, we were able to collect data from 44 companies. The respondents were restricted to direct dealing authorities and subcontractor company (the supplier) staff with at least three months of dealing experience with a manufacture (an industrial material buyer). The measurement validation procedures included scale reliability; discriminant and convergent validity were used to validate measures. Also, the reliability measurements traditionally employed, such as the Cronbach's alpha, were used. All the reliabilities were greater than.70. A series of exploratory factor analyses was conducted. We conducted confirmatory factor analyses to assess the validity of our measurements. A series of chi-square difference tests were conducted so that the discriminant validity could be ensured. For each pair, we estimated two models-an unconstrained model and a constrained model-and compared the two model fits. All these tests supported discriminant validity. Also, all items loaded significantly on their respective constructs, providing support for convergent validity. We then examined composite reliability and average variance extracted (AVE). The composite reliability of each construct was greater than.70. The AVE of each construct was greater than.50. According to the multiple regression analysis, customer dynamism had a negative effect and competitor dynamism had a positive effect on a supplier's commitment. In addition, flexibility and dependence had significant moderating effects on customer and competitor dynamism. On the other hand, all hypotheses about technological dynamism had no significant effects on commitment. In other words, technological dynamism had no direct effect on supplier's commitment and was not moderated by the flexibility and dependence of the supply chain. This study makes its contribution in the point of view that this is a rare study on environmental dynamism and supply chain commitment in the field of high-tech industry. Especially, this study verified the effects of three sectors of environmental dynamism on supplier's commitment. Also, it empirically tested how the effects were moderated by flexibility and dependence. The results showed that flexibility and interdependence had a role to strengthen supplier's commitment under environmental dynamism in high-tech industry. Thus relationship managers in high-tech industry should make supply chain relationship flexible and interdependent. The limitations of the study are as follows; First, about the research setting, the study was conducted with high-tech industry, in which the direction of the change in the power balance of supply chain dyads is usually determined by manufacturers. So we have a difficulty with generalization. We need to control the power structure between partners in a future study. Secondly, about flexibility, we treated it throughout the paper as positive, but it can also be negative, i.e. violating an agreement or moving, but in the wrong direction, etc. Therefore we need to investigate the multi-dimensionality of flexibility in future research.

  • PDF

A Study on the Marketing of Fishermen′s Cooperative in Korea -Especially with the Problems of Marketing Channel- (수산업협동조합의 마아케팅에 관한 연구 - 마아케팅 경로를 중심으로 -)

  • 안세원
    • The Journal of Fisheries Business Administration
    • /
    • v.12 no.2
    • /
    • pp.61-71
    • /
    • 1981
  • This essay examines the marketing of Fishermen's Cooperative in Korea, and in particular considers the marketing channel of fisheries products, No company can perform by itself all the activities involved in the production and distribution of its products and services to its final markets. It must work with other firm to get the job done. Thus marketing channel firms of the fisheries products include primarily the Fishermen's Cooperative the licensed dealers and tile merchant middlemen, The goal of marketing is in matching of segments of supply and demand. Every producer seeks to the link the marketing channel firms that will help it accomplish its objective best. Therefore this study surveys the three types of marketing channels through tile central market That. is, they are a marketing channel through the terminal market, a marketing channel through the fishermen's cooperative terminal market, and a marketing channel through the private fish market. Consequently the Fishermen's Cooperative can choose to improve in any of tile marketing channel as follows: \circled1 The Fishermen's Cooperative is nominated wholesaler in the terminal market. \circled2 It is abolished to sell by double auction in the production district terminal market and the consuming city terminal market of Fishermen's Coopertive. \circled3 The steady wholesalers in private fish market are entitled to the licensed dealers. \circled4 The Fishermen's Cooperative sponsored voluntary chains join with retailer, supermarkets, consumers' society. Therefore the study of marketing channel of fisheries products can appropriately referred to satisfying needs and wants through exchange process.

  • PDF

An Analysis and Policy Issues of the Korean Venture Capital Markets (국내 벤처캐피탈시장의 현황과 개선방안)

  • 김희경
    • Journal of the Korea Academia-Industrial cooperation Society
    • /
    • v.3 no.3
    • /
    • pp.203-209
    • /
    • 2002
  • The Korean venture industry showed a rapid growth due to various government incentive measures, development in information technology, and explosive growth of the KOSDAQ market. Recently, however, the Korean venture industry has revealed numerous side effects, which seemed to be coming from excessively aggressive government involvement in the industry, and fallen into a deep depression. This phenomenon may imply that the Korean venture industry has been established by the government policy rather than based on the venture capital market, whereas the venture industry in advanced nations has grown up autogenously based on it. This paper analyzes the Korean venture capital market and suggests policy recommendations to revitalize the domestic venture capital market. They include facilitating the supply of funds through limited partnerships and overseas venture capital, extending the direct equity investment, and actively promoting the KOSDAQ market.

  • PDF

Trends in climate finance and ODA for global water infrastructure (글로벌 물시장에서의 기후 금융과 ODA자금 동향 조사)

  • Kim, Jakyum;Kim, Seunghyun;Sohn, Jinsik
    • Journal of Korean Society of Water and Wastewater
    • /
    • v.34 no.3
    • /
    • pp.169-182
    • /
    • 2020
  • ODA finance in the water sector has decreased after reaching a peak in 2012 although total ODA commitments have steadily increased according to OECD DAC data. However, climate finance in the water sector has increased so much since 2013 according to 7 MDB Joint report on Climate Finance. Water, especially, in climate change is the main issue for adaptation, and the total finance in the water sector reached 50% of the international public adaptation finance in 2016. However, the procedures for approval and the requirements of the proposals for climate funds are different from those for development finance. Notwithstanding the changes in money flows in the water sector, most korean engineering consulting firms in the water infrastructure area are not ready to win the funds relating to climate change. Therefore, It is important to understand a variety of sources of climate funds, characteristics, funding scale on each purpose and procedures for approval. Korean government needs to provide the firms the opportunities to buildup experiences by getting involved in climate adaptation projects with the financial support for developing PPFs, concept notes, and proposals.